Redrow profits up 50 per cent

City A.M. Reporter
HOUSEBUILDER Redrow posted a 50 per cent rise in first-half profit yesterday and said it was cautiously optimistic for the second-half as the housing market stabilises.

Chairman Steve Morgan, who led a failed takeover bid for the group last year, said improvements in the mortgage market as well as a focus on margins had aided Redrow's performance, with profit before tax rising to £23m in the six months to the end of December.